UBS

Rabobank was set to follow the example of fellow Dutch lender ABN Amro by selling floating rate Swiss franc debt at the short end of the curve on Wednesday. By selling notes with a maturity just shy of two years the bank is expected to be rewarded with strong demand from money market funds.

Hong Kong’s eSun Holdings printed its inaugural offshore renminbi bond on Tuesday with an unrated Rmb650m ($105m) four year issue that marked the first high yield trade in the CNH market this month.

Hong Kong’s eSun Holdings opened the books for its debut offshore renminbi issue – an unrated four year bond – on Tuesday. eSun is only the second high yield Chinese borrower to appear in the CNH market in two months.

Paul Stefansson is to succeed René Bühlmann at UBS Global Wealth Management as Asia Pacific head of investment fund distribution, while Patrick Grossholz is to become investment products & services local product head for Hong Kong, writes Selma Piper.

UBS has hired Jerry Marcus as vice chairman in Corporate Clients Solutions Americas (UBS’s term for its coverage group). He will build out UBS’s retail coverage effort, according to a memo seen by GlobalCapital.

China’s Tianhe Chemicals Group priced its HK$5.08bn ($658m) IPO close to the bottom of its indicative price range on June 13 as investor interest differed greatly between institutional and retail accounts.

Covered bonds maintained primary market momentum this week, but issuers adopted very different pricing strategies and delivered contrasting outcomes. The degree of hesitancy that had been evident in the run up to last week’s European Central Bank meeting disappeared with a robust bid returning for higher yielding bonds. In contrast, low beta deals that offered a negligible spread were only just subscribed.

Standard Chartered’s two tranche offering of senior unsecured debt this week represented some of the cheapest funding the bank has raised since its inception in 1868, said Chris Danels, global head of capital management at the bank. It showed that despite the ever intensifying search for yield, investors are also still hungry to diversify into low beta paper.

Cinven has announced its takeover of the telecoms branch of Spanish gas utilities group Gas Natural Fenosa, as the private equity firm seeks to maintain its presence in a sector which has brought it some of its best returns.

Kookmin Bank will be meeting investors during the next two weeks for a proposed international bond.

Luye Pharma Group started premarketing a $800m Hong Kong IPO on June 11, with those on the deal confident that investor demand will be red hot.

Investors poured into Beijing Enterprises Group Company’s (BE Group) HK$4.31bn ($556m) exchangeable bond on June 10 as the opportunity to invest in a major blue chip was too good to ignore even though the terms were aggressive.